Saracen Mineral Holdings Limited
(ASX:SAR) has restructured its debt hedging programme and reduced debt facilities in an effort to reduce expenditures.
The planned hedging restructure will see hedged ounces in the current financial year increase from 42 to 60 per cent of forecast production, comprising 66,300 ounces.
The average hedged price in the current financial year is $1,640 an ounce.
The gold producer says other cost reducing measures have enabled total funding requirements to fall, allowing a reduction in its debt facility, from $50 to $45 million.
Managing Director Raleigh Finlayson says bringing forward hedged ounces provides additional protection for the company in light of recent gold price volatility.
Saracen slumped to a $22.8 million loss in the first half of fiscal 2013.
